Crucial Call for Pension Reform: EPS-95 Under Spotlight

The Employees' Pension Scheme, 1995 faces scrutiny as 47.04 lakh pensioners receive less than Rs 9,000 monthly. Calls for increasing the minimum pension from Rs 1,000 have emerged amid stakeholder representations. Contributions primarily support the scheme, supplemented by federal budgetary support.

The Employees' Pension Scheme, 1995, a pivotal social security framework, has come under the spotlight as new figures reveal a significant proportion of pensioners receiving less than Rs 9,000 monthly. The Parliament was informed that 47.04 lakh pensioners fall below this threshold, sparking calls for reform.

Minister of State for Labour and Employment, Shobha Karandlaje, addressed the Lok Sabha, highlighting that representations have been made by trade unions and public representatives. They demand an increase in the minimum monthly pension from the current Rs 1,000, emphasizing the need for stronger financial support for beneficiaries.

The Employees' Pension Fund's financial contributions are derived from employer contributions and government support, but with ongoing evaluation of its long-term viability. The Government of India's commitment to providing robust social security through EPF, EPS-95, and EDLI Schemes remains steadfast amid demands for pension enhancements.

(With inputs from agencies.)